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05-04-07 WAF Min WESTLAKE ACADEMY FOUNDATION Board Meeting Minutes May 4, 2007 Attending: Rick Rennhack,President,Ange Bumgarner,Chris Noonan,Becky Rogers,Julie Timmerman,Laura Wheat and Barbara Brizuela. Lawson Associates: Missy Gale and Barbara McColm. Guest: Mayor Scott Bradley L Rick Rennhack called the meeting to order at 9:45 a.m. IL Ange Bumgarner thanked the Board for the opportunity to serve this past year as Board Liaison for the HOC. Janet Noonan,incoming President,will attend the new year's meetings beginning in June. 111. Minutes from the April 13'x', 2007 meeting were reviewed. Motion made by Julie Timmerman and seconded by Ange Bumgarner to approve the minutes. Motion carried. IV. The Arts & Science Building Project was discussed regarding building plans. Barbara Brizuela serves in an ex-officio role to the building committee created by the Aldermen currently consisting of Larry Corson, Don Redding,Trent Petty and Troy Myers. The Board agreed to the creation of a letter to the Aldermen recommending an additional membership to the committee consisting of the following: 1. Foundation Board Liaison—Bill Greenwood 2. Head of School 3. Science Teacher 4. Art Teacher 5. MYP Coordinator for Westlake Academy 6. Arts Council Representative V. Capital Campaign Report: Missy Gale reported on the meeting held with Trent Petty on April 25, 2007. Doug Lawson and Bill Greenwood were also in attendance. The purpose was to determine the fundraising goal in regards to Hotel/ Motel Tax opportunities and building construction timeline, so that a fundraising timeline could be set. Missy presented a summary of the meeting showing 4 options for funding and construction prerequisite. After discussion, a letter was recommended to Trent Petty clarifying discussion of the Hotel/Motel funds and use in the public portion of the Arts' Center. Per Trent Petty$3 million would be necessary to begin construction with consideration of $2.5 from the Hotel / Motel tax fund. The $500,000 raised would be necessary to begin construction. Scott Bradley clarified the use of the Hotel/Motel tax funding: 1. Hotel / Motel tax may only be used on an arts project such as the Performing Arts Center, not "interim financing"for other projects. 2. Hotel / Motel tax revenue stream may be restricted by Aldermen since it is not derived from taxpayers. Therefore,no need to have a referendum. 3. Hotel/Motel tax fund is at$1 million. The$2.5 million is an annual revenue assumption. Fundraising Goal will remain at $4 million. A construction budget by the architect will be provided by May 101'. Goal of the Steering Committee is to fund the Science portion of the building first. It was recommended that a letter to the Aldermen be presented at their May 14th meeting to take action authorizing a Certificate of Obligation for a Community Performing Arts Center to be built on the Westlake Academy Campus and be secured by the Hotel/Motel tax revenue at$2.5 million. As explained by Mayor Bradley, the Certificate of Obligation is not a loan. The next meeting of the Aldermen on June I Ith would be the first opportunity for a vote. It was also recommended that a letter regarding the building committee and a request to the City Manager, Trent Petty,would be sent by the Board requesting a calculation of the amount of money needed for fundraising if the Certificate of Obligation was approved. Rick Rennhack will send letter on behalf of the Board. VI. Chris Noonan, as Chair of the Search Committee, presented Angela Gofredo as a candidate recommended by the Committee as the Executive Director. After the opportunity to interview Angela by the book, Rick Rennhack made a motion to proceed on hiring Angela Gofredo clarifying benefits and student eligibility as a school employee and giving authority to Barbara Brizuela to hire at a salary not to exceed $60,000. Motion was seconded by Laura Wheat. Motion approved. Ange Bumgarner will provide tour to Angela this week. VII.Financial Report: 1. Capital Campaign dollars do not reflect recent addition of$25,000 pledged by the Hamilton's. 2. Lawson will forward the campaign spreadsheet reflecting pledges to Debbie Piper. 3. Rick Rennhack to discuss with Debbie Piper change in the financials to reflect cash and pledges. VIII. President's Report: Rick asked the Board to bring names for Board membership to the next meeting. Officer election will take place in early summer. Names suggested were: Margot Hundley, George Ledak, Kevin Maynard, David Lee (Southlake), WAC member as liaison only. Overall recommendation by Lawson was to add two — three members each year to reach a full Board. VII.Next Meeting: Friday,June 1,2007 at 8:30 a.m. at the home of Becky Rogers, 1730 J.T.Ottinger Road VIII. Meeting was adjourned at 12:00 p.m. Signed B.H. McColm,Acting Secretary